On June 26, the China Securities Regulatory Commission (CSRC) issued a notice requiring supplementary information for overseas listing filings. Among the companies listed, Jiangsu Hsc New Energy Materials Co.,Ltd. (SH: 688353) was asked to provide additional clarifications.
The CSRC has requested that HSC New Energy Materials provide supplementary explanations on specific matters, with legal counsel required to verify and issue a clear legal opinion.
First, the company must clarify whether its completed projects, projects under construction, and the projects intended for the current fundraising round qualify as "high energy consumption" or "high emission" projects, and provide the relevant supporting basis.
Second, in conjunction with its debt repayment capacity and other factors, the company must elaborate on whether its guarantees, credit lines, and borrowing arrangements before and after the completion of this share issuance could lead to significant ownership disputes or result in a change of the company's controlling shareholder.
As disclosed by the Hong Kong Stock Exchange on April 15, Jiangsu Hsc New Energy Materials Co.,Ltd. submitted an application for a main board listing in Hong Kong, with Huatai International acting as the sole sponsor.
According to its prospectus, HSC New Energy Materials is a supplier of lithium battery materials, engaged in the research, production, and sale of lithium battery electrolyte additives, with its core products being VC and FEC.
A report from CIC indicates that in 2025, based on sales volume, the company was the world's largest supplier of lithium battery electrolyte additives, holding a market share of 15.2%.
The company's products are widely used in energy storage systems, new energy vehicles, consumer electronics, humanoid robots, and the low-altitude economy sector, with its sales network covering Asia, Europe, and North America.
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